The four-week moving average of initial unemployment claims fell by 8,750 in the week ended July 21 to 367,250, according to seasonally adjusted numbers released today by the U.S. Department of Labor.

The four-week moving average reduces the volatility of the weekly numbers. Total initial claims for the week fell by 35,000 to a total of 353,000. Bloomberg reported jobless claims fell further than expected with economists forecasting 380,000 claims.